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N.Korea big opportunity if Trump summit goes well: Egypt's Sawiris

Reuters  |  ABU DHABI 

(Reuters) - Egyptian billionaire said on Tuesday he sees opportunities for mining, telecoms and hotels in if a summit between its leader Un and U.S. later this month is successful.

Trump said last week he would hold his second meeting with Kim in the Vietnamese capital on Feb. 27 and 28 after an unprecedented first meeting between the leaders in last June.

Sawiris, whose telecoms business operates the in in a joint venture, said the impoverished country needed investments across the board from hotels to roads to modern methods of agriculture.

"It's just a country full of opportunities if it opens up," the of said on the sidelines of a conference in

"I am looking forward in other areas such as mining, tourism, agriculture, agro-industries. But is amazing - they have so many resources and they don't have the money to spend on exploration."

A State Department said last week that topics for the summit include complete denuclearization, transformation of U.S.-relations and building a lasting peace mechanism on the

"I am very upbeat on the (Trump) meeting because I think we might really achieve peace in that meeting. I think the North Koreans - all that they want - is recognition, respect, dialogue and they are getting it now."

He said mobile phone penetration in North Korea was around 15 percent of the population or some three million people and market growth was limited because of expensive handsets that needed to be paid for in foreign currency.

Orascom Investment Holdings said in September it had been granted an exemption from the to operate Koryolink, its joint venture with North Korea's Post and

This came after the tightened sanctions making it illegal for foreign companies to form commercial joint ventures with North Korean entities.

(Reporting by Sylvia Westall, Editing by William Maclean)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 15:27 IST